Dow: -25.20…
Nasdaq: -36.46… S&P: -6.11…
Investors took some money off the table after a strong month and ahead of President Trump’s first prime-time address to Congress, which is scheduled for tonight at 9:00 pm ET.
The Nasdaq’s (-0.6%) slip was a bit more substantial. Meanwhile, the Russell 2000 finished with a sizable loss of 1.4%. For the month, the Dow gained 4.8% while the Nasdaq and S&P 500 added 3.8% and 3.7%, respectively.
Here’s how the markets are doing so far this year. If it all ended today it wouldn’t be that bad.
- Nasdaq Composite +8.2% YTD
- S&P 500 +5.6% YTD
- Dow Jones Industrial Average +5.3% YTD
- Russell 2000 +2.2% YTD
President Trump is expected to touch on a variety of topics in his speech, including tax reform, infrastructure spending, health care, military spending, and border security, but it is unclear if Mr. Trump will share any specific details on anything other than his defense budget.
I’ll be watching his speech wrapped in aluminum foil and kevlar, hoping he doesn’t bash my beloved biotechs.
Speaking of biotech, XBI and IBB both had pretty flat days as they took a rest from yesterday’s big move. After strong feelings of sellers remorse, I did reenter LABU today.
Just something to be aware of, but the miners have been taking it on the chin again and if these levels don’t hold, they could go a lot lower. I’ve been watching DUST as a potential long to take advantage of any demise in GDX. I will keep you posted.
Some names that look like potential shorts are KMX, IRBT, MSI and WHR if you are looking in that area.
The March P&L was just created.